IOLTA Noncompliance isn’t just a paperwork issue—it’s a career ender. Nothing disrupts a restful night for attorneys more than the constant worry: “Are our trust accounts in order?
What’s the Big Deal With IOLTA?
Bar Associations require strict, documented segregation of client funds (IOLTA accounts). Mix-ups, commingling, or late reconciliations don’t just risk fines. You could lose your license.
Nightmare Triggers
- Using trust funds for operating expenses—even “temporarily.”
- Missing or delayed three-way reconciliations.
- Failing to document deposits, transfers, or distributions.
How to Sleep at Night
1. Use Legal-Specific Accounting Tools
Don’t trust generic software—choose solutions with IOLTA features.
2. Automate Your Reconciliations
Monthly, not annually! Set reminders and get your CPA to review.
3. Segregate Duties
Dual controls and clear documentation save careers (and nerves).
4. Regular Training & Audits
Educate your team and run mock audits to catch issues before the Bar does.
Bonus: Partner with Experts
SkillBench specializes in IOLTA reconciliation and compliance. You handle the law, we’ll handle the ledgers.
Final Thought
Proper IOLTA Noncompliance means you sleep soundly, knowing your license, clients, and firm are protected.
